FTSE100 trades higher and jumped more than 60 points from yesterday’s low of 7204. Global markets has shown a major sell-off in starting of the week on account of yield curve inversion. The yield curve inversion has increased fear of recession. UK members of parliament to vote on Friday for 3rd time to approve for the 585 page-long withdrawal agreement agreed by negotiators from UK and EU last year. The index hits high of 7273 and is currently trading around 7276.
On the lower side, any break below 7200 (20- day MA) will drag the index down till 7165 (61.8% fib)/7140/7124. Any violation below 7075 will drag the FTSE100 till 7042/7000.
The near term resistance is around 7300 and any break below will take the FTSE100 till 7347/7371. Any bullish continuation only above 7371.
It is good to buy on dips around 7225-30 with SL around 7190 for the TP of 7370.
